How do I determine which 4 accounts are my closing accounts? and how do I write

Question

How do I determine which 4 accounts are my closing accounts? and how do I write the journal entries?

San Antonio Furniture Company Income Statement For the Year Ended March 31, 2015 Adjusted Trial Balance as of March 31, 2015 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Office Equipment Accummulated Depr Accounts Payable Wages Payable Unearned Revenue Capital Stock Retained Earnings Dividends Garcia, Drawing 73,800.00 $1,588.00 $13,260.00 Less: Sales Discounts $72,212.00 35,200.00 37,012.00 Net Sales Cost of Merchandise Sold $4,600.00 9,500.00 $5,125.00 5.00 Operating & Admin Exp Rent Expense Wage Expense Supplies Expense Depreciation Expense Insurance Expense 6,300.00 $6,400.00 $5,005.00 $1,325.00 1,700.00 $1,100.00 $17,760.00 Total Op & Admin Expenses Net Income (check amt. $20,730.00 16,282.00 $12,850.00 $73,800.00 es Sales Discount Cost of Merchandise Sold Rent Expense San Antonio Furniture Company Statement of Retained Earnings For the Year Ended March 31, 2015 $1,588.00 $35,200.00 $6,300.00 $6,400.00 $5,005.00 $1,325.00 $1,700.00 98,440.00 $17,760.00 Beg. Owner's Equity Plus: Net Income Less: Withdrawals Change in Owner's Equity Ending Owner's Equity (check amt. $16,282.00 $12,850.00 ense Depreciation Expense Insurance Expense Total (check amt $3,432.00 $21,192.00 98,440.00 San Antonio Furniture Company Balance Sheet March 31, 2015 Assets ies Current Liabilites A/P Wages Payable Unearned Revenue $1,100.00 Current Assets Cash Merchandise Inventory $13,260.00 Total Current Liab $1,755.00 Prepaid Insurance $4,600.00 $18,572.00 Total Current Assets Property, Plant & Equip. e Equipment Less: Accumulated Depr Ownerer Capital Stock Retained Earnings Total Owner's Equity Total Liab. & Owner's Equity $9,500.00 $5,125.00 21,192.00 Total P, P & Equip Total Assets (check amt. for Total Assets $4,375.00 21,192.00 $22,947.00 $22,947.00

Explanation / Answer

The 4 closing Accounts are: 1. Revenue (To close Revenue to Income Summary) 2. Total Operating & Admin Expenses (To close Total expenses to Income Summary) 3. Income Summary (To close Income Summary to Retained earnings) 4. Dividends (To close Dividends to Retained earnings) Date General Jornal $Debit $Credit 31-Mar-15 Revenue $72,212 Income Summary $72,212 31-Mar-15 Income Summary $20,730 Total Operating & Admin Expenses $20,730 31-Mar-15 Income Summary $16,282 Retained earnings $16,282 31-Mar-15 Retained earnings $21,192 Owner's Equity $21,192

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